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1Repair Windows errors before they cause bigger problems2Scan for outdated or missing drivers - takes under a minute3Clear out junk files and repair common Windows errorsFor most Bank of America relationship customers, the choice comes down to two profiles: Customized Cash Rewards for no-annual-fee, category-focused cash back, or Premium Rewards for people who spend on travel and dining and will use its statement credits. The former Preferred Rewards program became BofA Rewards on or about May 26, 2026, so compare the card’s own earning rules, your current relationship tier, redemption preferences, spending caps, and the benefits you will actually use.
Best Bank of America credit cards for Preferred Rewards members at a glance
Bank of America’s current consumer-card pages support two clear starting points:
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- Customized Cash Rewards: a $0-annual-fee card for someone who can consistently use a selected bonus category, plus the card’s grocery and wholesale-club rewards, while monitoring the combined quarterly limit.
- Premium Rewards: a $95-annual-fee card for someone who earns 2 points per dollar on travel and dining, 1.5 points per dollar on other purchases, and expects to use the available airline and security-program credits.
Your BofA Rewards tier can increase rewards on eligible cards, but it does not erase a card’s cap, annual fee, exclusions, or redemption conditions. The best card is therefore the one that produces the highest usable value for your spending pattern, not necessarily the one with the highest headline rate.
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Preferred Rewards is now BofA Rewards
In a February 2026 announcement, Bank of America said the Preferred Rewards program would become BofA Rewards on or about May 26, 2026. The issuer described an automatic transition for existing members: Gold and Platinum members would move to Preferred Plus, Platinum Honors members to Preferred Honors, and Diamond Honors members to Premier. New enrollees’ balances would be reviewed daily during their first 30 days, with benefits activating within 30 days under the announced framework. Check your logged-in account and current disclosures because an announcement is not a substitute for the terms attached to your account.
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The announcement reported more than 11 million legacy Preferred Rewards members. That is Bank of America’s own membership figure, not an independent estimate. It also described a $20,000 qualifying combined three-month average balance as the prior Preferred Rewards entry threshold. Do not treat that historical figure as a current BofA Rewards requirement without confirming the live eligibility terms.
The transition announcement is available at Bank of America’s newsroom.
How the BofA Rewards card bonus works
The current Bank of America benefits page lists four relationship levels and corresponding bonuses on eligible cards:
| Current level | Published card bonus | What to verify |
|---|---|---|
| Member | 10% | Whether your specific card and earnings qualify |
| Preferred Plus | 25% | Your active tier and the card’s Program Rules |
| Preferred Honors | 50% | Your active tier and eligible transaction types |
| Premier | 75% | Your active tier and any card-specific exclusions |
For cash rewards, Bank of America explains that the program bonus is applied after base and category cash rewards are calculated. Its example uses a $100 purchase earning 3% in base or category cash rewards: the result would be $3.30 at 10%, $3.75 at 25%, $4.50 at 50%, or $5.25 at 75%. Those figures illustrate the calculation; they do not establish the earning rate of every card or category.
The page also cautions that the relationship bonus may not apply to some bonus earnings, account-opening bonuses, or nonstandard special offers unless the applicable terms specifically say otherwise. Never multiply a sign-up offer or a promotional category rate automatically. Read the card’s current Program Rules and the BofA Rewards information shown in your account. Bank of America’s current explanation is on Explore Bank of America Credit Cards and Benefits.
Customized Cash Rewards: best for category-focused cash back
What the card is designed to do
The Customized Cash Rewards page presents a no-annual-fee structure built around a category you select. The listed choices include gas or EV charging, online shopping, dining, travel, drug stores or pharmacies, and home improvement or furnishings. The page also lists rewards for grocery stores and wholesale clubs.
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Elevated-category and grocery or wholesale-club purchases share a combined quarterly limit. Once the applicable limit is reached, purchases earn the card’s base rate instead of the elevated category treatment. The page’s current terms, rather than a general description, determine the limit and the base rate, so check them before applying and again when planning a large purchase.
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- A household with a predictable spending pattern, such as frequent online purchases or regular dining, that can keep the selected category active.
- Someone who wants to avoid an annual fee and prefers cash rewards rather than a travel-points system.
- A BofA Rewards member who can monitor the quarterly combined cap instead of assuming every purchase will receive the elevated rate.
Where it can disappoint
- If your spending shifts between categories, the selected category may not match your largest expenses.
- A large burst of category, grocery, or wholesale-club spending can use the combined quarterly allowance quickly; purchases after the cap receive the base treatment.
- The relationship bonus does not automatically apply to every introductory or promotional reward.
Offers and redemption
The live page advertises a first-year category bonus and an online sign-up offer. Those are changeable offers, so use the offer displayed when you apply and retain its conditions. Do not rely on an old amount or assume that an introductory bonus will be increased by your BofA Rewards tier.
Bank of America says cash rewards can be redeemed through several routes, including eligible Bank of America accounts, eligible Merrill accounts, statement credit, and certain shopping transactions. Availability and value can differ by route. Select the option shown in your account and review any minimums, timing, or eligibility language before redeeming.
Premium Rewards: best for travel and dining spenders who use the credits
Published earning structure
The Premium Rewards product page lists 2 points per dollar on travel and dining and 1.5 points per dollar on other purchases. It lists a $95 annual fee. The card’s points system can suit someone who wants a single card for travel and everyday spending, but the value depends on how and when points are redeemed.
Credits that can offset the fee
The issuer lists up to $100 in annual statement credits for qualifying airline incidental purchases. It also lists up to $100 toward a TSA PreCheck or Global Entry application fee every four years. These are maximums, not automatic cash payments: you must make an eligible purchase, satisfy the program’s conditions, and have the credit post successfully. A person who does not fly, does not incur qualifying incidentals, or does not submit an eligible security-program application may receive little or none of that headline value.
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Who should consider it
- Someone with recurring travel and dining expenses that fit the published 2-points-per-dollar categories.
- A cardholder who can use qualifying airline incidental credits and, when needed, the four-year security-program credit.
- A BofA Rewards member who values points and the product page’s redemption choices more than a strictly no-fee cash-back setup.
When the fee is hard to justify
- If travel and dining are a small share of your purchases, the 2-points-per-dollar category may not generate enough incremental value.
- If you rarely make eligible airline incidental purchases, the annual credit cannot be counted at its full advertised amount.
- If you carry a balance, interest charges can exceed the value of rewards; compare the current APR and your repayment plan before applying.
The Premium Rewards page describes several redemption channels. Check the current redemption terms because the value of a point can depend on the selected channel, timing, and transaction type.
Customized Cash Rewards vs. Premium Rewards
| Decision axis | Customized Cash Rewards | Premium Rewards |
|---|---|---|
| Primary earning model | Selected category plus grocery and wholesale-club rewards, subject to a combined quarterly cap | 2 points per dollar on travel and dining; 1.5 points per dollar on other purchases |
| Annual fee listed on the current page | $0 | $95 |
| Best fit | Predictable category spending and a preference for cash rewards | Travel and dining spending with practical use for the listed credits |
| Relationship bonus | Confirm current eligibility and Program Rules | Confirm current eligibility and Program Rules |
| Main constraint | Combined quarterly limit on elevated category and grocery/wholesale-club purchases | Annual fee and the need to use eligible credits to realize their maximum value |
| Offer volatility | Category bonus and online sign-up offer can change | Rates, fee, credits, and offer terms can change |
This comparison does not establish that one card earns more for every household. It identifies the different questions each card requires you to answer.
A practical method for choosing your card
Step 1: Identify your active BofA Rewards tier
Sign in to your Bank of America profile and look for the current BofA Rewards status, bonus description, and eligible-card information. Legacy pages may still use Preferred Rewards wording, so do not infer your current tier from an old page or statement.
Step 2: Map a full year of spending
- Estimate travel and dining purchases separately from all other spending.
- For Customized Cash Rewards, identify the category you would select and estimate grocery or wholesale-club spending in each quarter.
- Mark irregular expenses, such as a vacation or home project, that could consume a quarterly cap.
Step 3: Calculate usable, not theoretical, value
Use this framework for each card:
Annual net value = rewards you can redeem + credits you will actually use − annual fee.
For Premium Rewards, count an airline incidental credit only if you routinely make purchases that qualify under the current terms. Count the security-program credit only in a year when you expect to submit an eligible application. For Customized Cash Rewards, model the selected category and grocery or wholesale-club purchases separately for each quarter, then apply the current cap and base-rate rules.
Step 4: Decide how you want to redeem
Cash rewards may be useful when you want a statement credit or a deposit into an eligible Bank of America or Merrill account. Premium Rewards points may appeal if the redemption channels on the current product page fit your travel or cash-flow plans. Do not assume that two redemption methods deliver identical value.
Step 5: Check the complete price, not just rewards
Review the current APR range, balance-transfer or cash-advance terms if relevant, late-payment consequences, foreign-transaction language, and annual fee. Bank of America’s Sample Credit Card Agreements catalog notes that sample agreements are not individualized pricing and that final rates and fees depend on credit history.
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Step 6: Recheck the application disclosures
Offers, caps, credits, annual fees, APR ranges, and eligibility rules can change. Save the offer terms presented at application and compare them with the current Program Rules. If the account dashboard shows a different BofA Rewards treatment from what you expected, use the account-specific disclosure rather than a generic comparison.
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Not every Bank of America card necessarily qualifies
The issuer’s current benefits page says that certain credit cards are eligible for a BofA Rewards bonus. That wording is deliberate. The legacy Preferred Rewards-Card Eligibility page still contains older program language and an ineligibility message, so it cannot establish a complete current list of eligible cards. Check the card’s Program Rules and your logged-in BofA Rewards account before relying on a relationship bonus.
Benefits may not appear immediately
Under the 2026 transition announcement, new enrollees’ balances were to be reviewed daily during the first 30 days and benefits were to activate within 30 days. If your account is new or your relationship balance recently changed, allow for the stated activation window and retain confirmation of your enrollment. If the benefit remains absent after the applicable period, contact Bank of America through the secure channel associated with your account.
Historical tier names can create confusion
A statement or older web page may show Preferred Rewards terminology even though the current program is BofA Rewards. The tier mapping announced for the transition explains why an old Gold, Platinum, Platinum Honors, or Diamond Honors label may not match the current Preferred Plus, Preferred Honors, or Premier name. Use the current account display and disclosures for decisions.
Other Bank of America cards in scope
Bank of America’s agreement catalog also lists products such as Premium Rewards Elite and Travel Rewards. Their agreements confirm that the products exist, but the available information here does not establish their current net value or card-specific BofA Rewards eligibility well enough to recommend them over Customized Cash Rewards or Premium Rewards. Treat them as separate research projects: obtain the live product page, annual fee, earning table, credits, redemption terms, and Program Rules before making a comparison.
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Assuming the relationship bonus applies to every reward
Base and category cash rewards may receive the BofA Rewards bonus when the card is eligible, but account-opening bonuses and some special offers may be excluded. Check the exact language before valuing an offer.
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Counting a credit you will not use
Premium Rewards’ $100 airline incidental amount and four-year, up-to-$100 security-program amount are conditional credits. Budget only the portion you can reasonably trigger under the current terms.
Ignoring Customized Cash Rewards’ quarterly limit
The selected category and grocery or wholesale-club purchases share the elevated-reward limit. Track the quarter-to-date total so a large purchase does not unexpectedly earn only the base rate.
Using an old offer or fee
Introductory bonuses, annual fees, APRs, caps, and credit rules are changeable. Use the live card page and application disclosures on the day you apply.
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Choosing rewards while carrying costly debt
Rewards do not make interest-free financing. If you expect to revolve a balance, compare the likely interest cost with the rewards you can actually earn and redeem; a lower-cost borrowing option may matter more than the card’s bonus structure.
Inferring approval odds or an APR
Neither card’s approval probability nor your personalized APR can be determined from a public feature page. Credit history and the issuer’s underwriting determine the final offer.
Which card should you choose?
Choose Customized Cash Rewards when the $0 annual fee, selectable category, and grocery or wholesale-club structure match spending you can sustain throughout the year, and you are willing to monitor the quarterly cap. Choose Premium Rewards when travel and dining are meaningful parts of your budget, you prefer points, and you can use enough of the listed credits to justify the $95 fee.
Whichever card you choose, verify that the account is eligible for the current BofA Rewards bonus, apply the tier percentage only where the Program Rules allow it, and value credits at what you will actually use rather than at their maximum advertised amount.
Quick Recap
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